Condos and apartments are two of the most popular options to consider for urban living. They bear similarities, but what's the difference between a condo and an apartment? Condominiums, typically referred to as condos, are quite similar to apartments except for one major difference. A condo is a unit in a building that an individual owns, and it's up to the individual if they want to reside in it or lease it to other tenants. One individual condo unit in a building can have an entirely different aesthetic to another in the same building. Condos, as compared to apartments, have a more personal touch to them. An apartment is a unit in a building where the entire building is owned by a management company or a landlord. This company will then lease out the flats to the tenants.
Here are other factors that set a condo apart from an apartment.
Here are other factors that set a condo apart from an apartment.
Who Is Responsible?
Maintenance is a significant aspect of any place you live in. If you've bought a condo, you're responsible for any maintenance charges such as repairs or plumbing issues since the unit is now your responsibility. When leasing an apartment, the company which owns the building is responsible for its maintenance and upkeep. They're usually professional and efficient about it as they have a whole department of management to deal with such issues which crop up. If you're leasing a condo from an individual owner, the owner might not be in town in most cases and probably won't solve such problems efficiently. This inefficiency means waiting for months before getting a problem solved, as you might require permission before changing anything. The cost of maintenance when one owns a condo will fall on that individual.
What Happens if the Property Is Sold?
If the condo owner decides to sell the condo, two options will emerge; either you have the option to buy the condo, or you'll have to move out in case the new owner doesn't want to lease. On the other hand, if you're leasing an apartment, you'll have a proper contract with the management, as they own the whole building instead of individual units. You'll be informed well in advance if the company decides to change its plans regarding the place, which is unlikely to happen, hence why apartments are a safe option. A contract also outlines every detail regarding which changes are allowed to be made in the unit and how much ownership the tenant will have during his contract period. With a condo owner, although there will be a contract, it will not be as detailed.
Personal Touch & Amenities
Since an individual owns a condo, they'll want to add their touch to the place. With an apartment, all apartments in the building will be of the same design, with the same interior. Living in a condo typically means having access to a greater variety of amenities such as concierge service, gymnasium, a pool, more parking spaces, pets allowance, etc. Apartments usually have limited options, like one laundry room for the entire building, one parking space, and a garden area. Now that you know how condos are different from apartments, you can make an informed decision. Before committing to any of the options, you need to make sure your long-term plan is, whether it's investing in real estate at the moment or renting for the short term. Ask people living in both for their experiences and make sure you know which has better facilities suited to your taste.